Stocks Making The Biggest Moves In The Pre-Market: Intel, GameStop, ViacomCBS & More
Check out some of the largest moving companies on the pre-market:
Intel (INTC) – Intel announced that it will spend $ 20 billion to build two new facilities in existing Arizona facilities to gain market share and fill in gaps caused by a global chip shortage. Intel plans to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares in competitor Taiwan Semiconductor (TSM) fell 2.1% following Intel’s announcement.
GameStop (GME) – GameStop reported quarterly earnings of $ 1.34 per share, with forecasts missing a cent per share. Revenues were also below consensus. The video game retailer did not comment on the Reddit-induced trading frenzy in its stocks during its earnings conference call, but said in a filing with the Securities and Exchange Commission it was considering the idea of raising money through the sale of stocks to help the company to finance ongoing transformation. The stock fell 12% in premarket trading.
ViacomCBS (VIAC) – The media company’s shares fell another 7% in the pre-market after falling 9.1% Tuesday on a $ 3 billion stock offering.
General Mills (GIS) – The grocery producer fell 2 cents per share behind Wall Street forecasts, posting quarterly earnings of 82 cents per share. Revenue exceeded estimates, and General Mills believes home food demand will continue to be high compared to the prepandemic. Their shares fell 1.9% in the pre-market.
Winnebago (WGO) – The company’s shares rose 3.7% in pre-market operations after the recreational vehicle maker reported quarterly earnings of $ 2.12 per share, compared to a consensus estimate of $ 1.42 per share. Revenue exceeded analyst projections, and Winnebago saw gross margins rise nearly 6 percentage points for the quarter.
Adobe (ADBE) – Adobe beat estimates by 35 cents per share with quarterly earnings of $ 3.14 per share. The software company’s revenue was also above estimates, and Adobe issued strong earnings forecasts for the current quarter and full year for the strength of its flagship Creative Cloud suite and other cloud-based offerings. Adobe gained 1.2% before entering the market.
Amazon.com (AMZN) – Amazon has named Adam Selipsky as CEO of its Amazon Web Services unit. This will take effect when current boss Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky was an executive at Amazon Web Services and became CEO of Tableau Software, now acquired by Salesforce.com (CRM). Amazon rose 1% in premarket retail.
Bank of New York Mellon (BK) – The bank’s shares rose 1.3% in the pre-market after Bank of America Securities switched from underperform to buy twice. According to BofA, the call is based on an attractive valuation as well as an improvement in profit prospects.
Exxon Mobil (XOM) – Exxon Mobil’s debt ratings have been downgraded from Aa1 to Aa2 by rating agency Moody’s, indicating the energy giant’s goal to maintain its dividend. Moody’s said policy will slow Exxon Mobil’s deleveraging process.
AMC Entertainment (AMC) – AMC shares fell another 2.1% in premarket trading after Walt Disney (DIS) announced that it would delay the release of its film “Black Widow” by two months and keep it in theaters and at the same time to be offered on the Disney + service for a fee. The cinema operator’s shares were down 14.7% yesterday and 10.3% on Monday.
Steelcase (SCS) – Steelcase made 6 cents a share last quarter, compared to a consensus estimate of 1 cents a share. The office furniture manufacturer’s revenues were also above forecasts. However, the company gave a weaker forecast than expected as demand for office products remains weak. Their shares lost 3.4% in the pre-market.